[Dining Table Prices Emergency] Monsoon Shock... Vegetable Prices Surge 17% in One Day

Leafy Vegetables 16.9%·Eggplant 73%·Zucchini 61%
Excluded from Major Mart Golden Holiday Discount Items
Leafy Vegetables Missing in Restaurants... Unlimited Refill Stopped
Government Forms Emergency TF for Agricultural Product Supply Stability

Due to the monsoon season, vegetable prices are rising sharply. On the 13th, citizens were shopping at a large supermarket in downtown Seoul. Photo by Mun Ho-nam munonam@

[Asia Economy reporters Minyoung Cha and Seungjin Lee] Nationwide large-scale supermarkets have simultaneously raised agricultural product prices. The average price surged by 16.9% overnight. In some vegetables, prices nearly doubled. At restaurants, leafy vegetables for wraps have disappeared, and dining establishments are even considering raising food prices, triggering an alert on inflation.

On the 13th, the price of leafy vegetables for wraps at large supermarkets rose by an average of 16.9% in just one day. Eggplants and zucchinis increased by 72.6% and 60.5%, respectively, while perilla leaves and lettuce rose by 27.5% and 19%. Chili peppers and green onions also surged by 25% and 16.8%. Since last month, wholesale prices of agricultural and marine products have steadily increased, so retail price hikes were anticipated, but the overnight increase was unexpectedly large, increasing the burden on consumers' shopping baskets.

Kim Nayoung (pseudonym), met near Seoul Station at a large supermarket, said, "I hurried here from the morning because I heard vegetable prices were rising, but compared to yesterday, the prices have risen significantly, which is surprising," adding, "I shopped similarly to last week, but it seems to have cost 10,000 to 20,000 won more."

The cause of the price increase is the unprecedentedly prolonged rainy season. Until now, large supermarkets such as E-Mart, Lotte Mart, and Homeplus have released pre-contracted volumes from production areas to suppress price increases. They also controlled wholesale orders from production areas to minimize the impact on wholesale prices. Therefore, until the 12th, the price increase was not reflected, but from the 13th, new price tags reflecting retail market fluctuations were applied, causing retail prices to rise sharply.

A representative from a large supermarket said, "Damage to major vegetables such as cabbage and iceberg lettuce is severe," adding, "Damage to leafy vegetables vulnerable to waterlogging and rain is significant, and if recovery at the farming production areas is not smooth, consumer price increases are expected to continue until the Chuseok peak season."

Ahead of the golden holiday from August 15 to 17, coinciding with Liberation Day and Malbok (the last of the three hottest days), large supermarkets are also facing difficulties. Although large-scale discount events were announced to celebrate the 102-day golden holiday, vegetables were excluded. E-Mart promoted core products such as 20% discounts on beef, chicken, new potatoes, Kyoho grapes, watermelons, some fruits, toys, and ramen. Lotte Mart selected imported lobster, LA galbi (Korean-style short ribs), grapes, tangerines, bananas, canned goods, and toilet paper as major discounted items.

Due to the monsoon season, vegetable prices are rising sharply. On the 13th, citizens are shopping at a large supermarket in downtown Seoul. Photo by Mun Ho-nam munonam@

The situation is even more serious in the dining industry. As prices of essential ingredients like vegetables rise continuously, an emergency has been declared. On the 12th, Choi Myunghan (pseudonym) visited a beef specialty restaurant in Yongsan-gu, Seoul, and had a confrontation with the restaurant after requesting a refill of leafy vegetables for wraps. The restaurant had stopped the refill service for wrap vegetables since early this month. Choi said, "Eating beef wrapped in lettuce is a habit," and insisted, "I will not dine out for a while." The restaurant is also in a difficult position as customer complaints continue. A Chinese restaurant that uses onions in most dishes has halved its onion usage as a temporary measure. The wholesale price of 20kg of onions was 20,220 won on the 12th, a 35.4% increase from a month ago (14,930 won).

Experts pointed out that to raise prices, focus should be on demand control and supporting recovery of damaged farms to restore supply. Professor Seoyonggu from the Department of Business Administration at Sookmyung Women's University explained, "Due to the rainy season damage, supply is very insufficient compared to demand," adding, "To stabilize prices, demand must be controlled, and rapid recovery of farms is necessary." He further diagnosed, "The rise in vegetable prices is expected to continue until Chuseok, so it is necessary to closely monitor grocery inflation."

Due to the monsoon season, vegetable prices are rising sharply. On the 13th, citizens were shopping at a large supermarket in Seoul. Photo by Mun Ho-nam munonam@

Meanwhile, the government has taken steps to stabilize agricultural and livestock product prices by releasing stockpiled quantities and contract-grown volumes through the Nonghyup (National Agricultural Cooperative Federation). For cabbage and radish, up to 100 tons of daily stockpiled quantities will be released depending on supply and demand conditions. Early shipment of Nonghyup contract-grown volumes of zucchinis, cucumbers, and eggplants is also being promoted. Discount events for price stabilization are also underway. Nonghyup is conducting a special discount sale called 'Selling Rain-Damaged Agricultural Products,' and large supermarkets will provide 20% discount coupons when purchasing major leafy vegetables such as perilla leaves and zucchinis.

Hong Namki, Deputy Prime Minister and Minister of Economy and Finance, presided over the 'Emergency Economic Central Countermeasures Headquarters Meeting and Economic Ministers' Meeting' at the Government Seoul Office on the same day, stating, "We will form an emergency task force (TF) for agricultural product supply stabilization to conduct daily checks on the growth and supply status of major vegetables, production area trends, and price trends, and respond urgently."